Former United States President Donald Trump's Cryptocurrency Portfolio Is Soaring in Value, with Meme Coins Taking Center Stage
- Patricia ArquetteOriginal
- 2024-10-19 00:24:13390browse
As of October 18, the portfolio was valued at $7.79 million, reflecting a whopping growth of 420% from $1.5 million recorded on the first day of 2024
Former United States President Donald Trump is making waves in the cryptocurrency world with a seven-figure portfolio that is heavily invested in meme coins.
According to data from on-chain analytics platform Arkham, Trump's crypto holdings were valued at $7.79 million on October 18. This marks a substantial 420% growth from the $1.5 million recorded on the first day of 2024.
A review of the crypto holdings shows that 65% of his current investment is in meme coins, with the MAGA (TRUMP) token taking center stage. Priced at $5.21 at press time, the token has surged over 1,300% in the past year, contributing $3.02 million to his portfolio.
Trump's crypto portfolio also includes Ethereum (ETH), valued at $1.3 million, making it the second-largest holding. Other notable assets in the Republican presidential candidate's portfolio include USD Coin (USDC), valued at $137.81, and Polygon (MATIC), valued at $1.96.
The growth in Trump's crypto portfolio can be attributed to the recent investor interest in meme coins. At the same time, most of the meme coins in Trump's portfolio are inspired by events affecting Trump, such as the recent failed assassination attempt and his association with Tesla (NASDAQ: TSLA) CEO Elon Musk.
Trump's portfolio makes him one of the most prominent cryptocurrency investors among current political figures in the U.S.
Trump's crypto investments and stance on digital assets
Ahead of the upcoming November election, Trump has expressed his support for digital assets, especially Bitcoin (BTC), vowing to turn the U.S. into a hub for crypto innovation. At the same time, the former president has opposed the potential rollout of central bank digital currencies (CBDCs), which he believes will erode financial freedom.
While he is making crypto investments and has also launched his cryptocurrency projects, specifically the World Liberty Financial (WLF) project, Trump's involvement in crypto is multi-faceted.
According to Trump, the project aims to revolutionize the financial system; however, the token launch has attracted controversy, with reports suggesting that Trump and his family could receive 75% of the net revenue from the token sale.
Moreover, the crypto coin failed to meet its initial $300 million sales target, reportedly raising less than $12 million.
Given Trump's background in crypto sector investments, analysts are keeping a close eye on the possible impact his victory will have on the price of various assets.
For example, Standard Chartered suggests that Bitcoin has the potential to rally to around $150,000 if he returns to the White House.
His presidency's relation to the cryptocurrency market is also reflected in betting odds, with Bitcoin's price rising in correlation to increased Trump winning odds, as reported by Finbold.
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